Man Industries is first Indian company to list securities on DIFX

It is the first listing of securities on the DIFX by any company from the Indian sub-continent and is thus a landmark in the development of the exchange. Man's arrival demonstrates the appeal of the DIFX to potential issuers right across the exchange's region, which stretches between Western Europe and East Asia.

R C Mansukhani, Chairman Man Industries, said:"The DIFX is the perfect venue for our first listing outside India. It offers access to wealthy Arab and NRI investors in the Gulf region, as well as international investors, all of whom are attracted by the international status and high regulatory standards of the DIFX.

"A DIFX listing will also raise our profile in the Middle East, helping us to expand our business activities in the area."

Nasser Alshaali, Chief Operations Officer of the DIFX said: "We are delighted to welcome Man Industries to the exchange and we believe this will be the first of many significant listings from the Indian sub-continent.

"The DIFX can offer companies there access to a more diversified investor base than they are used to, as well as enabling investors outside India to share in the country's growing economic success."

Man Industries is listed on both the Bombay Stock Exchange and National Stock Exchange in India. The company says its capital-raising issue of GDRs on the DIFX will support its ongoing growth strategy.

Products already listed on the DIFX since it opened in September last year include a primary listing of ordinary shares issued by Kingdom Hotel Investments following its initial public offering.

Nasser Alshaali, added:

"In coming months we will steadily increase our range of listed securities, across product type as well as geography. This growing depth and diversity will ultimately enable us to achieve our goal of becoming one of the world's leading international exchanges."

Dubai Bank and ICICI Securities are acting as Joint Lead Managers of the GDR issue.